Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ContextLogic Inc. (WISH)
LOS ANGELES, June 02, 2021 (GLOBE NEWSWIRE) – Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 16, 2021 Deadline for filing a class action lead claim on behalf of investors who have purchased or otherwise acquired ContextLogic Inc. (“ContextLogic” or the “Company”) (NASDAQ: WISH) common stock: (1) between December 16, 2020 and May 12, 2021, including (the “Class Period”); and / or (2) in accordance with or traceable to the registration statement and prospectus issued in connection with the Company’s initial public offering on or about December 16, 2020 (the “IPO” or the “Offering”) . ContextLogic investors have until July 16, 2021 to file a lead plaintiff motion.
If you have suffered a loss on your ContextLogic investment or would like to inquire about whether you would like to make claims under U.S. securities laws to regain your loss, you can find your contact information at https://www.glancylaw.com/cases/ contextlogic-inc. to transfer /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email firstname.lastname@example.org to learn more about your rights.
In December 2020, ContextLogic completed its initial public offering (“IPO”) that sold 46 million shares at a price of $ 24 per share.
On March 8, 2021, ContextLogic released its fourth quarter and fiscal 2020 financial results for the 31st 10% year-over-year in the fourth quarter to 104 million, mainly in some emerging markets outside of Europe and North America, where Wish temporarily put less emphasis on advertising and customer acquisition, when the company overcame the logistical challenges it faced earlier this year. “
Because of this news, ContextLogic’s common stock fell $ 1.83, more than 10%, to close at $ 15.94 per share on March 8, 2021, hurting investors.
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On May 12, 2021, ContextLogic released its financial results for the first quarter of 2021, announcing that MAUs had declined another 7% to just 101 million.
As a result of this news, ContextLogic’s share price fell $ 3.36 per share, or approximately 29%, to close at $ 8.11 per share on May 12, 2021, well below its IPO price of $ 24 per share.
The lawsuit filed alleges that during the class action period, defendants made materially false and / or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. In particular, defendants have failed to disclose to investors that: (1) ContextLogic’s MAUs declined significantly in the fourth quarter of 2020 and then stopped growing; and (2) based on the foregoing, Defendants have materially overstated the Company’s business metrics and financial prospects.
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If you purchased or otherwise acquired ContextLogic common stock in accordance with the IPO and / or during the class action period, you can bring you to court no later than July 16, 2021 Seek appointment as lead plaintiff in this alleged class action lawsuit. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email email@example.com, or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224